Westcore Enters Fort Worth Market

North Quarter 35. Image courtesy of Westcore Properties

Westcore Properties has acquired Buildings 1, 2 and 4 at North Quarter 35 in Fort Worth, Texas. The previous owner, also the developer, was M2G Ventures, CommercialEdge data shows.

The three buildings encompass a total of 485,330 square feet, bringing Westcore’s Texas portfolio to 5.5 million square feet of industrial space. The three facilities are all fully leased.

North Quarter 35 includes four buildings, comprising 645,000 square feet, and came online in 2021, after the developer purchased the site in 2019. The single-story, Class A buildings range between 108,548 and 257,117 square feet and feature 30- and 32-foot clear heights, ESFR fire sprinklers, dock-high doors and oversized ramps. Buildings 1 and 4 have rear-load configurations and Building 2 features a cross-dock configuration. The three facilities offer a total of 491 car parking spaces.

The buildings at North Quarter 35 are located at 10717 N. Freeway, 2709 Graham Cracker Road and 2500 Golden Triangle Blvd., 14 miles from downtown Fort Worth and have access to Interstate 35. Dallas-Fort Worth International Airport is 25 miles away. Companies in the surrounding area include Amazon, UPS, FedEx, XPO Logistics and Nestle, among others.

Westcore represented itself in the transaction while Managing Director Seth Koschak and Executive Managing Director Matteson Hamilton with Stream Realty Partners brokered the sale and assisted the seller.

Last year in March, M2G Ventures inked a 376,782-square-foot lease for Building 1 and 2 at the industrial park.

Westcore’s Dallas-Fort Worth footprint

The current acquisition marks Westcore’s entry in the Fort Worth market. The company already had an established footprint in Dallas of approximately 1.5 million square feet. In February, Westcore purchased Denton Point I & II, a 242,320-square-foot property in Denton, Texas, which traded for $32 million.

The first two months of 2023 registered an average of $109 per square foot in DFW, with $30 million in sales year-to-date as of February, a CommercialEdge report shows. The average rent saw an increase of 5.9 percent year-over-year, with vacancy at 4.6 percent.